• EFCC
• Keystone Bank
• Kuru

COURT ORDERS FORFEITURE OF N6.25BN SHARES IN KEYSTONE BANK TO FG

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  Nicolas Adekeye / 4 weeks
• 0
• 2 min read

An Ikeja Special Offences Court has ordered the forfeiture of 6,250,000,000 units of Keystone Bank Limited’s ordinary shares, valued at N6.25 billion, belonging to Sigma Golf Nigeria Limited, to the Federal Government. The court also ordered the winding up of Sigma Golf. Justice Rahman Oshodi gave the order after Sigma Golf’s Chairman, Umaru Hamidu-Modibbo, pleaded guilty to a six-count charge brought against the company by the Economic and Financial Crimes Commission (EFCC). The charges included conspiracy to steal, stealing, and transfer of property derived from stealing. According to the EFCC, Sigma Golf, Hamidu-Modibbo, a former Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and one Ifie Sekino (still at large), conspired to steal N20 billion, property of AMCON, through Heritage Bank Limited to acquire Keystone Bank Limited. The commission alleged that Sigma Golf and the others transferred N10 billion derived directly from stealing to conceal the origin of the sum and evade legal consequences. Justice Oshodi held that Sigma Golf admitted guilt voluntarily and agreed to cooperate with the EFCC in any ongoing or future investigations. The judge also noted that the company agreed not to pursue any claims against the EFCC or the Federal Government. The EFCC’s lead counsel, Rotimi Oyedepo (SAN), told the court that the commission agreed to the plea bargain with Sigma Golf in accordance with legal principles, justice, and public policy. Oyedepo submitted that the terms of the plea bargain agreement included Sigma Golf pleading guilty to all six counts and winding up. Kuru, who pleaded not guilty to the charges, was granted bail in the sum of N50 million with two sureties, who must provide evidence of tax payment in the last three years. The case was adjourned until March 7 for commencement of trial.